The chart above shows that of the unlisted funds managed by North America-based firms, funds of vintage year 2008 significantly underperformed. The median net IRR generated by all unlisted infrastructure funds was 9.0%, while North America-based fund managers produced a median net IRR of only 3.0%; this suggests that the financial crisis hit North America-based infrastructure firms the hardest.
North America-based firms also underperformed in the infrastructure industry with vintage funds 2006, 2010 and 2011, albeit by a lower margin than 2008 (1-2 percentage points). There is a more positive outlook for 2012 vintage funds, however, which have already outperformed the infrastructure universe and have surpassed the highest median net IRR recorded by 2009 vintage funds by three percentage points. However, it is too early to say whether this outperformance will continue, as these funds are yet to realize their investments.